Bristol Myers Squibb results beat expectations as newer drugs deliver growth
Bristol Myers Squibb (BMY) reported stronger-than-expected second-quarter results, with earnings per share surpassing estimates and revenue exceeding projections. The company's newer drugs, Eliquis and Opdivo, contributed to its growth. As a result, Bristol Myers Squibb raised its full-year guidance for adjusted revenue and earnings per share. BMY's stock also responded positively to the news, with shares climbing nearly 8%.
Bristol Myers Squibb Co. on Friday reported second-quarter results that topped analysts’ estimates as some of the company’s newer drugs began to hit their stride.
Bristol Myers Squibb (BMY) reported stronger-than-expected second-quarter results, showcasing the robust performance of its newer drugs Eliquis and Opdivo. The company's earnings beat and revenue growth led to a significant increase in its full-year guidance [1].The second quarter marked an impressive feat for BMY, with adjusted earnings per share (EPS) coming in at $2.07, surpassing analysts' expectations of $1.63 [1]. Revenue also exceeded estimates, reaching $12.2 billion compared to the projected $11.54 billion [1].
One of the primary contributors to BMY's growth was Eliquis, a blood thinner drug that experienced a 7% year-over-year increase in worldwide revenue, reaching $3.42 billion [1]. The drug's impressive performance was driven by its strong sales in the United States, where it generated over $2.5 billion in revenue [1].
Another standout for BMY was Opdivo, a cancer drug that recorded an 11% year-over-year increase in revenue, amounting to nearly $2.4 billion [1]. The growth portfolio drug's strong performance demonstrates the potential for BMY's newer treatments.
The company's impressive second-quarter results led to a significant increase in its full-year guidance. BMY now anticipates 2024 adjusted revenue to climb in the higher end of the low-single-digit percentage increase it had previously called for [1]. Adjusted EPS guidance was also raised, with the company now projecting a range of $0.60 to $0.90, up from the previous range of $0.40 to $0.70 [1].
Shares of BMY responded positively to the second-quarter results, with the stock climbing nearly 8% to $48.77 as of 10:30 a.m. on Friday [1].
References:
[1] "Bristol-Myers Squibb's second-quarter results beat revenue and adjusted EPS expectations, boosting guidance on rising drug sales." Investopedia. 14 July 2022. https://www.investopedia.com/bristol-myers-squibb-beats-q2-expectations-boosts-guidance-on-rising-drug-sales-8684316